Donald Trump. Will Tumpcare give rich Republicans a Tax Break

Republicans who are in support of the Health Care Policy of Donald Trump will be voting for it.

However, this policy of health care by Donald Trump has been slammed by the Democrats.

Views of Democrats on Donald Trump’s Policy

According to the Democrats this health care policy of Donald Trump is just a package of tax breaks.

For them Donald Trump’s policy is meant only for the wealthy. In the bill of GOP there are new tax breaks which is meant to repeal Obamacare.

The Democrats have declined the new policy by Donald Trump. Will Tumpcare give rich Republicans a Tax Break
Source: Lowa state Daily

And this new tax breaks which are being introduced by President Donald Trump will be benefiting only the Republican lawmakers.

In addition to them the top officials of the administration of Donald Trump will receive the benefit.

This news is the finding of International Business Times.

In order to pay for the coverage, the Affordable Care Act had implemented in 2013 NIIT.

NIIT stands for Net Investment Income Tax and this tax had then imposed a tax of 3.8 percent on the income via investment for the Americans who were the wealthiest.

The NIIT covers all those couples who are making an income above $250,000 per year along with singles who are earning above $200,000 per year.

Because of the huge sum of income, there are not many people who end up paying this tax.

According to the Citizens for Tax Justice out of the 147 million tax returns which were filed in the year 2014 only 3.4 million paid this tax. This accounts to 2.3 percent of all the people who had filed the taxes.

Report of IBT on Donald Trump’s Policy

According to a report by International Business Times, a review of tax records by it found that that there were some Republicans who had been part of that 2.3 percent people who were paying this tax.

Republicans are in support to the new policy of Donald Trump. Will Tumpcare give rich Republicans a Tax Break
Source: Vox

This in turn means that the Obamacare repeal of the Republican lawmakers might end up giving tax breaks. This tax breaks will be worth thousands of dollars.

However in certain cases these tax breaks will be worth millions of dollars. This will be delivered to the public officials in their party.

Many of the Republicans have made millions of dollars through investment and because of the Obamacare policy have ended up paying taxes on it.

Republican Governor of Illinois, Bruce Rauner had made $169 million through investments in the year 2015 and as a result of this had payed $6.6 million in NIIT.

He is not the only one, Gov. John Kasich who is also the former executive of Lehman Brothers had paid $5799 in NIIT. This was because of the $143,061 which he had made from the capital gains in the year 2014.

The retracting of the tax on the investment will also come as a boon to the cabinet officials of President Donald Trump.

Donald Trump’s cabinet members who are benefited from the Tax Break

The cabinet members of Donald Trump include Wilbur Ross who is the Secretary of Commerce. Along with Rex Tillerson who is the Secretary of State and Betsy DeVos who is the Secretary of Education.

Therefore the support of the Republicans to the policy of president of Donald Trump will bring much benefit to them than the general public.

Source: IBTVox